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Here is why promoters of stressed companies will get more flexibility in attracting investors now
Sun, Jul 05, 2020
In order to ensure that the relaxations can be availed by genuinely stressed companies, clear criteria for a company to qualify as a stressed company have been laid down.
Big relief! No fresh insolvency to be initiated for 1 year under IBC, says FM Nirmala Sitharaman
Sun, May 17, 2020
In a bid to give relief to companies defaulting on loans due to the COVID-19 stress, Finance Minister Nirmala Sitharaman on Sunday said no fresh insolvency will be initiated for one year under the Insolvency and Bankruptcy Code.
Coronavirus Lockdown: Major relief announced for these firms
Mon, Mar 30, 2020
It's good news for companies going through insolvency under the Insolvency and Bankruptcy Code (IBC)! In a major relief , the Insolvency and Bankruptcy Board of India (IBBI) on Sunday said that the period of lockdown will not be counted within the timeline for resolution process.
SBI on how to make insolvency and bankruptcy code successful
Mon, Nov 25, 2019
SBI on IBC Code: The insolvency and bankruptcy code (IBC) 2016 has met with much success in its short period of 3 years.
IBC rules open doors for resolution of financial service providers
Sun, Nov 17, 2019
New IBC rules open doors for resolution of financial service providers. Watch this video to know more.
Centre to issue new rules to bring NBFCs under Bankruptcy Code
Wed, Nov 06, 2019
The fear that at DHFL may spill over to other non-banking finance companies (NBFC) has pushed the government to introduce fresh rules and regulations to bring even the financial sector under the purview the Insolvency and Bankruptcy Code (IBC).
Government to form IBC like mechanism for Bank and NBFC
Thu, Oct 31, 2019
Government to form IBC like mechanism for Bank and NBFC. To know more watch the video
Big boost for homebuyers! SC upholds government decision of granting financial creditors status
Fri, Aug 09, 2019
The court has also upheld the IBC Amendment with certain safeguards. Homebuyers will have a say in Committee of Creditors, and they can also initiate insolvency proceedings.
RBI's new framework to expedite resolution of stressed assets
Mon, Jun 10, 2019
The mandatory norm of inter-creditor agreement allows banks to decide resolution strategy outside the IBC and it will help lenders to accelerate process to resolve stressed assets, Sashakt committee on bad loans said Monday.
Financial, operational creditors recover nearly half of total claims in 88 insolvency cases
Mon, Apr 15, 2019
Nearly half of their total admitted claims worth over Rs 1.42 lakh crore have been recovered by financial and operational creditors from as many as 88 debt-ridden companies under the insolvency law, according to official data.
12,000 cases filed since implementation of insolvency law, setting up of NCLT: Corporate Affairs Secy
Mon, Mar 25, 2019
Cases under the code can be taken up only after approval from the tribunal, which has benches in different parts of the country. Srinivas said that personal insolvency should be approached carefully and in a planned manner.
'Effective steps' on anvil to deal with frivolous bids under IBC, says official
Tue, Feb 26, 2019
"In some cases after one year or more after settlement has taken place, the resolution applicant has failed to implement the plan. What do we do with such resolution applicants?
IMF Chief Economist praises India's fundamental economic reforms, says growth performance has been 'very solid'
Mon, Dec 10, 2018
He said one risk that has become much more evident in the last few years has been non-bank finance, usually called shadow banking. "There is a big challenge of stricter, oversight," the economist said.
Delays beyond 270 days at NCLT cost banks Rs 4,000 cr in Foregone interest: Report
Tue, Nov 13, 2018
The inordinate delays beyond the 270-day deadline under the Insolvency and Bankruptcy Code (IBC) have cost the lenders to the first 'dirty list' of 12 large defaulters a whopping Rs 4,000 crore in interest income foregone, according to an Icra report.
Ess Dee Aluminium Sudip Dutta bankruptcy insolvency NCLT Calcutta High Court
Mon, Oct 08, 2018
The bankruptcy and insolvency law has finally caught up with Sudip Dutta, the promoter of Ess Dee Aluminium, whose incredible rags-to-riches story came to an end. Dutta, a migrant labourer in Mumbai, who went on to own a big chunk of the packaging industry he once worked for, is now re-entering the insolvency process.
Insolvency and Bankruptcy Code updates: Soon, IBC in border areas, new law for registered valuers?
Sat, Aug 18, 2018
Insolvency and Bankruptcy Code updates: Corporate affairs secretary Injeti Srinivas today said the evolving insolvency and bankruptcy law can be extended to cross-border assets.
Govt ready to make more changes, if necessary, to IBC
Fri, Aug 03, 2018
While noting that the code is a game changer, Corporate Affairs Secretary Injeti Srinivas also sought to dispel certain "myths" regarding the law, including those provisions related to barring of wilful defaulters from the bidding process for stressed assets.
Resolutions were needed at any cost: Union Bank of India MD and CEO Rajkiran Rai
Mon, Jul 23, 2018
Union Bank of India MD and CEO told DNA Money that resolutions were needed at any cost and that all fresh lending only happens after the promoter puts in his equity. Gold-plating or disguising bank funds as promoter equity is now history.
NPA crisis: Insolvency and Bankruptcy Code set to suffer setback
Fri, Jul 06, 2018
The finance ministry’s decision to have a new fast-track debt resolution programme for public sector banks with the help of asset management companies (AMCs) may undermine the Insolvency and Bankruptcy Code (IBC) process, brought in with much ‘fanfare’ to resolve the non-performing assets (NPAs) in the banking system, experts said.
Homebuyers dubbed as financial creditors; this is how they reacted
Thu, May 24, 2018
According to the new ordinance, the homebuyers will now be treated as financial creditors which will allow them to equitably participate in an insolvency resolution process and be a part of the committee of creditors. Besides, the proposed resolution plan under the IBC must comply with the provisions of the Real Estate (Regulation and Development) Act, 2016, the high-level panel had recommended to the government in its report.